As stated in the title, I'm a fresh college grad that is lucky to have a job lined up. The job is in another state so I've been trawling through CL and property rental sites for housing options. The area I'm working in has an average monthly rent of ~$1200 for a studio or 1BD that's about a 40min commute from my workplace.
I found an apartment that was decent and after emailing back and forth a little, management sent me an electronic copy of the lease with instructions to print it out and mail the signed lease along with the check for the holding fee + application fee in. Management hasn't given me a date I need to have all the paperwork done but I assume they want it ASAP.
So I send the lease to my dad(who's a realtor) so he can look it over and just have another set of eyes read through the lease before I sign it. The next day, he calls me and suggests buying a property instead of renting. Apparently the down payment would be about $30,000 for a 2BD. He says he'll do it all under my name, so my name would be on the loan and the property. I'm not really sure how mortgage works but my dad assures me that the monthly mortgage payments would be around the same if I was renting.
I'm not really worried about being able to pay the monthly expenses since my salary is more than generous, but I'm more concerned if this is the right move for me financially right now since I'm just out of school. I'll be paying off my school loans, building up my savings, matching the 401k from my employer plus regular old living expenses. I'm not sure if buying a property instead of renting would be in my best interest.
Another concern I have is that I'm not sure if I'll be staying there long term. The company I'm working for has been very flexible and has offered to relocate me closer to home if I prefer that. Ideally, I want to stay in the new place for at least a year or two but beyond that, I'm not sure at all what I want yet.
So my question to all of you redditors in PF, which is the more financially responsible route to go at this point in time for me? Rent or buy?
Submitted June 06, 2017 at 04:51AM by potatoespuds http://ift.tt/2qSuRku
